Home / Business/ ICC Sri Lanka welcomes Govt. efforts to restore GSP Plus

ICC Sri Lanka welcomes Govt. efforts to restore GSP Plus


Comments / {{hitsCtrl.values.hits}} Views / Thursday, 25 May 2017 00:10

Facebook

IN-1The International Chamber of Commerce Sri Lanka welcomed the quick initiative taken by the Government to regain GSP Plus as it would pave way for duty free access to the EU market on a whole range of products.

It was in December 2009 that the European Union decided to withdraw temporarily the GSP Plus benefits to Sri Lanka. This decision was based on the findings of the Commission of Investigations launched in October 2008 and completed in October 2009. 

In view of the report, no satisfactory progress was shown by Sri Lanka in the implementation of the three UN human rights conventions such as Civil and Political Rights, Convention against Torture and Rights of the Children which were related to grant of benefits of GSP Plus.

International Chamber of Commerce Sri Lanka Chairman Keerthi Gunawardane said that the present government has immediately continued a dialogue with the European Union in a positive manner to restore GSP Plus. 

“The International Chamber of Commerce Sri Lanka appreciates the efforts of the government to restore the GSP Plus. This can have lot of positive effects to the Sri Lankan economy. In addition to the possibility of developing business within the EU the existing businesses can improve the competitiveness and the profitability,” he added. 

“Unfortunately, there was no significant interest displayed by Sri Lanka since 2010. This slow process caused a heavy damage mainly to the export trade with the closure of many small and medium size garment factories amounting to a loss over $ 750 million of exports,” he noted. 

In 2005 the EU introduced special incentive arrangements under the EU GSP scheme called GSP Plus and the special feature of this scheme is all the eligible products under this new scheme could be exported by selected beneficiary countries to European Union totally import duty zero or duty free.   Developing countries and least developed countries recognised as beneficiary countries are offered preferential tariff reductions for their export products to developed countries under GSP System. It is a removal of partial or entire tariff charges for goods exported by beneficiary countries. Beneficiary countries are bound to be adhered to certain international labour regulations and manufacture the products to compete with international standard together with certain percentage of value addition accepted by offer countries.


Share This Article

Facebook Twitter


DISCLAIMER:

1. All comments will be moderated by the Daily FT Web Editor.

2. Comments that are abusive, obscene, incendiary, defamatory or irrelevant will not be published.

3. We may remove hyperlinks within comments.

4. Kindly use a genuine email ID and provide your name.

5. Spamming the comments section under different user names may result in being blacklisted.

COMMENTS

Today's Columnists

No more stones to break Sri Lankan bones

Friday, 19 April 2019

Trial by fire is not a new ordeal to Christian community. It predates Notre Dame and Nazism by millennia. In fact, a decade or so before Nero torched believers to light Roman avenues, Jewish religious leaders put Jesus-followers to the test as the Ch


Wounding the social psyche

Friday, 19 April 2019

In this article, I intend to discuss the serious wounds inflicted on the psyche of Sri Lankan society, which have not received adequate attention, but need immediate cure, for they might develop into a dangerous cancer if not treated without further


What 5G could be to Game of Thrones (and vice versa)

Friday, 19 April 2019

We will be hearing a lot about these two seemingly unrelated topics this month. In a hurriedly but meticulously organised event, Dialog Axiata recently demonstrated 5G applications for the first time in South Asia. 5G will be commercially available


On time – Only for a week! A must-change!

Thursday, 18 April 2019

We are in April and the month where we witness the declaration of a new year as per our traditional practice. It is that period of time when a huge majority of our population, which certainly can be counted in millions, intends to act in unison and q


Columnists More